$10.92 Million Cash Out Refinance Loan on Florida MHP
|ST PETERSBURG, FL – Bison Financial Group, a real estate advisory firm based here, announces the closing and funding of a massive cash-out refinance loan on a 2.5 star family mobile home park on Florida’s West Coast.
When treasury rates plunged in February of this year, Bison reached out to several of their repeat clients to advise of the incredible opportunity to refinance any 4%+ debt at rates in the 3’s. And then the COVID-19 pandemic hit. Calm heads prevailed on this particular transaction and all parties worked diligently and smoothly through the loan process, locked the rate at 2.89%, and got it closed.
|The $10.92 million non-recourse, interest-only loan provided enormous cash-out to our client which enabled him to pay off much higher interest rate debt on several other properties and save an estimated $1 million per year in interest payments!
The principals of Bison Financial Group can tailor a similar loan scenario across all aspects of the commercial income producing real estate spectrum.